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UK financial sanctions: new oversight, tougher penalties
The Summer Budget 2015 contained a commitment to significantly revamp the UK’s approach to the implementation and enforcement of financial sanctions, at both the administrative and legislative level. These changes are now beginning to be..
Online Published Date:
06 May 2016
Appeared in issue:
233 - 02 May 2016
UK government funds trawl of Panama Papers
A new UK taskforce, announced on 10 April, will pursue criminal leads in the ‘Panama Papers’, the leaked trove of 11.5m documents from law firm Mossack Fonseca identifying owners of corporate structures used in tax evasion and money..
Online Published Date:
06 May 2016
Appeared in issue:
233 - 02 May 2016
Are the Panama Papers protected by legal professional privilege?
Reporting in the press of the leaked (or hacked) data from Mossack Fonseca led the UK Financial Conduct Authority to write, initially, to around twenty banks and other financial institutions, requiring them to inform the FCA of any links to the..
Online Published Date:
06 May 2016
Appeared in issue:
233 - 02 May 2016
Grand ambition – the UK Action Plan for AML & CTF
As a spirited response to the call for action that was October 2015’s UK National Risk Assessment for ML and TF – it spelt out, with commendable honesty, intelligence deficiencies around, especially, high-end money laundering, as well as..
Online Published Date:
06 May 2016
Appeared in issue:
233 - 02 May 2016
UK parliamentarians temper PEP controls
UK MPs and their families should no longer feel “hounded” by the banks like “African despots”, in the colourful language of member Charles Walker, vice chairman of the influential 1922 Committee of Conservative backbenchers,..
Online Published Date:
06 May 2016
Appeared in issue:
233 - 02 May 2016
Money, not power – UK AML/CTF Action Plan comment
The UK Action Plan for AML & CTF proposes new legal tools – an Unexplained Wealth Order and illicit enrichment offence – to crack down on money laundering and corruption but that is to avoid the real issue, says Jason..
Online Published Date:
06 May 2016
Appeared in issue:
233 - 02 May 2016
Panama law firm leak opens up offshore structures of global elite
A cache of 11.5 million documents leaked from Panama law firm Mossack Fonseca has revealed 140 politically exposed persons (PEPs), including 12 serving or past heads of state, with connections to offshore companies. The data, sifted by the..
Online Published Date:
06 May 2016
Appeared in issue:
233 - 02 May 2016
Forget Panama (okay, not exactly), what about US company formation?
Mossack Fonseca may have some explaining to do when it comes to company formation, notching up over 200,000 structures, not too many questions asked, over 40 years, but then it, and Panama as a whole, are two-bit players against… the United..
Online Published Date:
06 May 2016
Appeared in issue:
233 - 02 May 2016
Becoming a sector of value
Money or value transfer services (MVTS) that bypass, touch, intersect or operate through the traditional financial system may disconcert in their bewildering diversity, often attended by opaqueness and large networks of agents. Sue Grossey studies..
Online Published Date:
06 May 2016
Appeared in issue:
233 - 02 May 2016
The law of unintended consequences - money laundering in civil cases
Money laundering may be the substantive issue in civil litigation or collateral to the main case and it is then, especially, that one needs to tread with care, finds Jonathan Fisher QC.
Although the concept of unintended consequences is..
Online Published Date:
06 May 2016
Appeared in issue:
233 - 02 May 2016